rainbowrascal
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Modern Syntex Limited is setting up a factory in the country's largest economic zone Bangabandhu Sheikh Mujib Industrial City with an investment of US 131 million. They will start production in March or April 2023.
About 100% of the raw materials in the garment sector of Bangladesh are imported from different countries including China. It takes about a month and a half from the opening of LC in the bank to the delivery of goods. The 40-foot container from China costs about 16,000 dollar.
But now the raw material of garment industry will be made in the country. Modern Syntex Limited is setting up a factory in the country's largest economic zone Bangabandhu Sheikh Mujib Industrial City with an investment of US 131 million. The project will produce four types of products: Polyester Draw Textured Yarn (DTY), Polyester Fully Drone Yarn (FDY), Polyester Staple Fiber (PSF) and Polythene Terephthalate (PET) chips.
Among these, PSF and PET products are being produced in Bangladesh for the first time. Besides, the other two products will also be produced for the first time in this factory through polycondensation process. Machinery from Germany, China and India is being used in the factory. Modern Syntex will start production in March or April 2023.
These products of Modern Syntax will be used as raw material for readymade garments, home textiles, technical textiles, nets, shoes and automobiles. At present, entrepreneurs in the garment sector import these raw materials from China, India, Indonesia, etc.
Abu Sufian Chowdhury, managing director of Modern Syntex, said: In case of import, there is less opportunity to test the quality of the product. There is an unobstructed opportunity to test the quality of the products produced in the country.
According to the traders in the garment sector, the order of readymade garments is increasing every year. As a result, the demand for raw materials in the garment industry is also increasing. It will be possible to take advantage of this huge demand if the quality is maintained compared to the products of other countries. The use of domestically made raw materials will save on foreign exchange as well as save time in importing goods.
MDM Mohiuddin Chowdhury, director and CEO of Clifton Group, a large garment industry group based in Chittagong, said, “Synthetic yarn factory was not in Bangladesh. Its use was also less. In the evolution of time, its demand in the local market has increased tremendously. Synthetic yarn is very important for elastic accessories, ribbons. It is also in great demand in export oriented garment factories. The difference between the price of synthetic yarn and the price of cotton yarn is about half. There is a huge demand for synthetic mixing fabrics for saving.
The director of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) further said, "Synthetic yarn is the main raw material for elastic products for export. It is also used for swing yarn. This factory of modern syntax will give a lot of work in the revolution of synthetics from cotton in the world. Their project is highly commendable.
Safal Barua, general manager (technical) of Modern Syntex, said that 90 percent of the civil work of the factory has already been completed. The daily production target at Modern Syntex factory is 460 metric tons. Built on 20 acres of land, the factory will employ 1,500 people. The annual turnover will be 200 million US dollars.
He further said, “The products produced in our factory will be of high quality as compared to other countries. The products will be sold in 100% of the country's markets. We have plans to expand the factory to produce raw materials for the garment industry in the next five years.
According to the traders in the garment sector, if this product is produced in Bangladesh, the import freight charge will be saved. At the same time lead time will be reduced. This is great news for the garment sector in Bangladesh.
Shamsul Azam, director of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said, “It is very positive news that import dependent products are going to be produced in Bangladesh. This will take the country's garment sector one step further.
According to Modern Syntex sources, the factory is being set up in Zone 6 of Bangabandhu's last Mujib Industrial City. The construction work of this project was inaugurated on 8 February 2020 by the then executive chairman of Bejar, Pawan Chowdhury. Germany's Virilicon Group is providing technology to the factory.
BGMEA co-president Rakibul Alam Chowdhury said, “Garment factories are being set up in different industrial cities of the country including Bangabandhu Sheikh Mujib Industrial City. So the demand for raw materials is also increasing. We would like to thank Modern Syntax on behalf of the garment factory owners for bringing new investment in this sector. We welcome new entrepreneurs to invest in this sector to reduce import dependence.
About 100% of the raw materials in the garment sector of Bangladesh are imported from different countries including China. It takes about a month and a half from the opening of LC in the bank to the delivery of goods. The 40-foot container from China costs about 16,000 dollar.
But now the raw material of garment industry will be made in the country. Modern Syntex Limited is setting up a factory in the country's largest economic zone Bangabandhu Sheikh Mujib Industrial City with an investment of US 131 million. The project will produce four types of products: Polyester Draw Textured Yarn (DTY), Polyester Fully Drone Yarn (FDY), Polyester Staple Fiber (PSF) and Polythene Terephthalate (PET) chips.
Among these, PSF and PET products are being produced in Bangladesh for the first time. Besides, the other two products will also be produced for the first time in this factory through polycondensation process. Machinery from Germany, China and India is being used in the factory. Modern Syntex will start production in March or April 2023.
These products of Modern Syntax will be used as raw material for readymade garments, home textiles, technical textiles, nets, shoes and automobiles. At present, entrepreneurs in the garment sector import these raw materials from China, India, Indonesia, etc.
Abu Sufian Chowdhury, managing director of Modern Syntex, said: In case of import, there is less opportunity to test the quality of the product. There is an unobstructed opportunity to test the quality of the products produced in the country.
According to the traders in the garment sector, the order of readymade garments is increasing every year. As a result, the demand for raw materials in the garment industry is also increasing. It will be possible to take advantage of this huge demand if the quality is maintained compared to the products of other countries. The use of domestically made raw materials will save on foreign exchange as well as save time in importing goods.
MDM Mohiuddin Chowdhury, director and CEO of Clifton Group, a large garment industry group based in Chittagong, said, “Synthetic yarn factory was not in Bangladesh. Its use was also less. In the evolution of time, its demand in the local market has increased tremendously. Synthetic yarn is very important for elastic accessories, ribbons. It is also in great demand in export oriented garment factories. The difference between the price of synthetic yarn and the price of cotton yarn is about half. There is a huge demand for synthetic mixing fabrics for saving.
The director of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) further said, "Synthetic yarn is the main raw material for elastic products for export. It is also used for swing yarn. This factory of modern syntax will give a lot of work in the revolution of synthetics from cotton in the world. Their project is highly commendable.
Safal Barua, general manager (technical) of Modern Syntex, said that 90 percent of the civil work of the factory has already been completed. The daily production target at Modern Syntex factory is 460 metric tons. Built on 20 acres of land, the factory will employ 1,500 people. The annual turnover will be 200 million US dollars.
He further said, “The products produced in our factory will be of high quality as compared to other countries. The products will be sold in 100% of the country's markets. We have plans to expand the factory to produce raw materials for the garment industry in the next five years.
According to the traders in the garment sector, if this product is produced in Bangladesh, the import freight charge will be saved. At the same time lead time will be reduced. This is great news for the garment sector in Bangladesh.
Shamsul Azam, director of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said, “It is very positive news that import dependent products are going to be produced in Bangladesh. This will take the country's garment sector one step further.
According to Modern Syntex sources, the factory is being set up in Zone 6 of Bangabandhu's last Mujib Industrial City. The construction work of this project was inaugurated on 8 February 2020 by the then executive chairman of Bejar, Pawan Chowdhury. Germany's Virilicon Group is providing technology to the factory.
BGMEA co-president Rakibul Alam Chowdhury said, “Garment factories are being set up in different industrial cities of the country including Bangabandhu Sheikh Mujib Industrial City. So the demand for raw materials is also increasing. We would like to thank Modern Syntax on behalf of the garment factory owners for bringing new investment in this sector. We welcome new entrepreneurs to invest in this sector to reduce import dependence.
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